CLARABRIDGE MARKS ANOTHER BANNER YEAR WITH TRIPLE REVENUES AND MAJOR CUSTOMER ACQUISITIONS
January 26, 2009 00:00 AM
Clarabridge, the leading provider of text mining software used by many Global 1000 companies to improve customer experience management (CEM), today announced it has tripled revenue in 2008, making it the fastest-growing company in its space.
Despite today’s challenging economy, Clarabridge is experiencing exponential growth across the board, particularly in the retail, consumer goods, and hospitality sectors as evidenced by Wal-Mart, Walgreens, Choice Hotels and other major corporations recently signing agreements with the company in the fourth quarter of 2008. Clarabridge also expanded into new industries such as telecommunications, financial services, technology and entertainment when it signed deals with one of the nation’s largest communications service providers, with one of the nation’s largest financial services firms, an international computer peripherals company and with a globally recognized entertainment brand last month.
According to a recent Forrester Research teleconference, “With current technologies there’s an ability to extract sentiment, to identify categories, to do really a lot of analysis on text …companies are finding that there’s even more insight often in the text, in the unstructured information, than in the structured…”(Voice Of The Customer Best Practices, Forrester Research, Inc. December 09, 2008)
Text mining software is becoming a strategic component for driving customer experience management initiatives and is being more readily adopted among major consumer-based companies. In 2008, Clarabridge closed nearly 50 transactions, of which two-thirds were with Global 1000 enterprises, including two international engagements. Its current customer base, on average, doubled its investment in Clarabridge’s text analytics solutions as they began to expand their use to other areas within the enterprise. Clarabridge’s clients include AOL, Best Buy, Capital One, Choice Hotels, Cisco Systems, Gap, Inc., Gaylord Hotels, H&R Block, Intuit, Inc, Lowe’s Companies, Marriott International, Oracle, Sage Software, Wal-Mart, and Walgreens, among others.
Clarabridge successfully expanded its Bridge-to-Success partnership program by adding 20 new partners in 2008, including leading market research firms, contact center outsourcers, systems integrators and platform technology companies. Combining synergistic expertise and more streamlined product offerings have resulted in new customer wins, and Clarabridge expects to see further partner traction in the coming year as it strengthens its relationships with firms such as Adamson Advertising, Business Objects, CallMiner, Claraview (a division of Teradata), Cognos, Communispace, Endeca, IBM, Maritz Research, MicroStrategy, Neighborhood America, Omega Management Group, Oracle, Quaero (a CSG Solution), QL2, Satmetrix, Teradata, TNS Global, Vovici and Walker Information.
The company also launched its own online community forum for Clarabridge users, published the industry’s first comprehensive CEM delivery methodology, and held its inaugural Customer Connections C3 Users Conference last fall that brought over 100 partners and customers together to share valuable insights on customer experience management best practices.
The Clarabridge Content Mining Platform™ (CMP) provides the only end-to-end solution for customer experience professionals wishing to text mine customer feedback for marketing, service and product improvements. Built specifically for the business user, CMP was honored last year for Innovation in Voice of the Customer by the Service & Support Professionals Association (SSPA), the largest and most influential association for technology services and support professionals. Clarabridge was also selected as a “Company to Watch” by the editors of Intelligent Enterprise. In 2008, Clarabridge released version 3.0, which added powerful and innovative new features such as a drag & drop web-based user interface, plug & play direct integration with surveys and other online data sources, enhanced linguistic, sentiment and categorization capabilities, and a variety of additional features to enable enterprise integration and scalability.
“Despite recent economic challenges, many of our clients are ramping up their focus on retaining and upselling to customers. Our explosive growth in the second half of 2008 also suggests that there is a widening gap between Clarabridge and its text analytics competitors,” said Sid Banerjee, president and chief executive officer at Clarabridge. “Clarabridge plays a key role in helping the world’s leading companies analyze and respond to customer feedback quickly to maintain loyalty in the ever-changing consumer environment.”
Today, Clarabridge has over 50,000 business users processing more than 50 million customer verbatims annually, enabling them to stay competitive by improving products and services, reducing churn and improving their customer’s overall experience. To support further expansion in size and scope of its business, Clarabridge has recently opened a west coast office.
Clarabridge is the leading provider of text mining software for customer experience management. The Clarabridge Content Mining Platform™ provides Global 1000 enterprises an analytical view of text-based verbatims found in consumer feedback channels such as call center notes, qualitative survey feedback, Web 2.0 content, online forums, reviews and customer warranty forms. As a result, businesses can improve marketing, product/service management and customer service delivery. Clarabridge is privately held with headquarters in Reston, Virginia. For more information, visit www.clarabridge.com.